Glencore Needs Some of Its Own Medicine

If anyone still doubts the good times are over for global mining companies, take a look at the latest results for BHP Billiton and Glencore Xstrata.

Both are suffering amid the end of the commodities super cycle. BHP on Tuesday reported a 30% drop in earnings to $10.9 billion for the fiscal year ended in June thanks largely to a drop in iron-ore prices. But Glencore slid to an $8.9 billion loss in the first half. That was mainly due...